It's a feeling like few others. You're up the pointy end of the Flying Kangaroo, you've just finished watching The Notebook and the third glass of pinot has you ready for some sweet dreams.

It's time to put on those famous Qantas pyjamas and drift away.

Now Street Talk can reveal the maker of the PJs, Buzz Products, is hunting for a strategic partner to underpin its growth strategy.

It is understood Buzz, which designs and provides the high-end amenity kits available on airlines, has retained Melbourne boutique Intrinsic Partners, run by former UBS banker Quentin Miller, to advise on its options.

This column understands mid-tier private equity firm Archer Capital is among parties in due diligence on the business, which makes just north of $25 million earnings before interest, tax, depreciation and amortisation and may be worth as much as $200 million.

Archer is taking its counsel from PwC Australia, sources said.

Through partnerships with brands like Escada, Mandarina Duck and TUMI, Buzz helps its clients design kits which they hope premium passengers will want to use and, more importantly, take home.

The company works with several carriers including Emirates, American Airlines and Qantas and has a chunky contract with Delta Air Lines.

Buying a domestic oil and gas producer would be a big change for Affinity locally.

The firm has invested in a wide gamut of industries – from New Zealand poultry producer Tegel Foods, to a stake in Virgin Australia's loyalty business and Ticketek owner TEG – but has yet to strike a deal in natural resources. That said, the local team has a history of swinging hard when it wants to and getting good results come sale day.

Up for grabs is a 50 per cent stake in Quadrant, worth about $US2 billion and owned by Brookfield's private equity arm. The stake was put up for sale when Brookfield and its co-investors, spearheaded by Macquarie Capital, disagreed as to the best time to sell the business. Brookfield wanted a deal in the first half of this year, while Macquarie thought it better to wait.

Brookfield's stake has no management rights attached, which naturally curbs the interest of some potential buyers and particularly those industry players who would consider operating assets as their competitive advantage. Quadrant is a full operator in its own right, with an experienced management team, exploration and the like, and the financial credentials.

Affinity is believed to be one of a handful of tyrekickers in the data room.

The sale process comes after Quadrant and its existing owners refinanced the business last week, as revealed by Street Talk. Commonwealth Bank of Australia and ANZ Banking Group led a new $US680 million ($860 million) debt package.

Quadrant Energy Holdings had $US531.9 million in interest bearing loans with external banks as at December 31, according to accounts lodged with the corporate regulator last week.

The company reported $US341.9 million profit after tax in 2017, which was up from $US85.8 million one year earlier. Its operating revenue increased to $US823 million from $US782 million.

Perth-based Quadrant supplies more than 20 per cent of domestic gas in Western Australia from fields previously owned by US firm Apache.

Macquarie Group's principal investments certainly stretch far and wide and workflow automation company Nintex is a case in point.

Macquarie Group's principal investments certainly stretch far and wide and workflow automation company Nintex is a case in point.

Street Talk understands the silver doughnut is on the cusp of making a key decision around its minority stake in the now US-based group, following a change of control transaction quietly agreed in February.

In coming weeks Macquarie has to decide whether to roll into an agreed deal which sees private equity firm Thoma Bravo snap up a majority stake in the company. The transaction will see control of Nintex, which was founded in Melbourne in 2006, transfer from global buyout group TA Associates late this month.

Sources suggested Macquarie may now have a preference to stay invested in the company which also lines up as an ASX listing candidate.

​Nintex was founded in Melbourne by Brian Cook and Brett Campbell, and develops products to take advantage of new developments in Microsoft technologies and strategies. Its web site says it has more than 7,500 enterprise clients and 1,700 partners across 90 countries.

The idea is to automate and simplify complex processes. While it's not Macquarie's largest principal holding by any measure, analysts will be keen to see how the Nicholas Moore-run group navigates a string of potential exits this year.

CLSA analyst Brian Johnson has repeatedly told clients to be mindful of Macquarie's "big pipeline" of principal investments which are often divested for large profits. Those include stakes in the likes of Quadrant Energy, technology company Nuix and PEXA (Property Exchange Australia).

Macquarie's operational briefing last month highlighted technology as a key area of interest. Slides presented to investors showed that Macquarie had invested more than $1 billion in technology companies since 2000.

ASX Announcements

Norton Rose Fulbright's global head of energy Simon Currie has a new project bubbling in the background.

Norton Rose Fulbright's global head of energy Simon Currie has a new project bubbling in the background.

Street Talk understands the well known partner is spearheading a new energy advisory venture which will see him retain a relationship with Norton Rose. The project may be based in London and involve participation from investment banks.

It comes as Norton Rose assesses new business areas and amid immense interest in the topic globally. It also follows board ructions and a raft of departures from the firm's Australian operations ahead of, and following, its merger with Henry Davis York last year.

The long list of exits included several partner raids on Norton Rose and HDY respectively.

It's all about the money for Bain Capital's childcare business Only About Children, which is refinancing its debt in preparation for a bolt-on acquisition.

It's all about the money for Bain Capital's childcare business Only About Children, which is refinancing its debt in preparation for a bolt-on acquisition.

Street Talk can reveal the upmarket early learning business is in the market for a $250 million debt refinancing underwritten by Goldman Sachs.

It is understood the deal will comprise a new unitranche facility that is expected to have a five-year maturity and carry leverage of about five times earnings before interest, tax, depreciation and amortisation.

Post acquisition, Only About Children will have 65 "campuses" with the bulk in Sydney and the balance in Melbourne.

Its mantra is all about a holistic 21st century approach to early learning, catering for newborns to children up to six years old with things like nutritional programs, in-house cooks, language lessons, sports science-designed active programs and an educational curriculum.

For Bain, the investment has mirrored one of the firm's flagship investments in its home country of the United States, Bright Horizons, and underlines its strategy in Australia.

Bain was a founding investor in Bright Horizons in 1987, before floating the company, privatising it and floating it again. Bright Horizons provides the full gamut of childcare services to more than 1,100 clients across the US, UK, the Netherlands, Canada and India, and Bain still owns a small stake.